Canada's year-to-year Consumer Price Index (CPI) slowed to 5.2% in February following a 5.9% increase the month before, but grocery prices still remain high, Statistics Canada said in its monthly report on the CPI on Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 21st March, 2023) Canada's year-to-year Consumer price Index (CPI) slowed to 5.2% in February following a 5.9% increase the month before, but grocery prices still remain high, Statistics Canada said in its monthly report on the CPI on Tuesday.
"The Consumer Price Index (CPI) rose 5.2% year over year in February, following a 5.9% increase in January. This was the largest deceleration in the headline CPI since April 2020," Statistics Canada said in the report.
Prices, excluding food and energy, increased 4.8% year-over-year in February, compared to 4.9% in January, the report said.
The overall CPI, excluding mortgage rates, hit 4.7% in February compared to 5.4% the month before, the report said.
Despite the decrease in the rate of inflation, expenses remain elevated, the report said. This is particularly true for groceries, whose prices have risen by 10.6% in February on a year-to-year basis - a seventh consecutive double-digit increase, the report added.
Unfavorable weather in the produces' regions of origin and higher input costs, particularly regarding energy, packaging and animal feed, are the main causes for the elevated expenses, according to the report.
